Larry Gray (lgray_312_247)
#1 ranked lender in California - 945 contributions
They can be very good for someone who could easily make payments on a home loan but just cannot quite save enough for all the costs involved, even with 3 or 3.5% down payment. There may be $10,000 in closing costs, including required property tax and insurance impounds to boot. It is important to do so with a broker/lender with experience in working with the State or a local down payment assistance or grant program. You can check HUD.gov for homebuyer assistance programs in your State on a local level. I use the state of California's Cal HFA program a lot, and we are set up to do it smoothly, initially funding with our own money.They can recommend lenders in your immediate region, as can s9omeone from a local organization the provides down payment assistance to first time buyers.